from this morning's GlobeSt.com AM Alert
Last updated: December 22, 2006 07:45am
Meadowlands Ground Lease Propels Project
By Sean Ryan
"EAST RUTHERFORD, NJ-The ground lease for the land that will hold the new Giants/Jets stadium was approved by the New Jersey Sports and Exposition Authority, in a 14-to-2 vote. “The approval of this agreement represents the culmination of more than two years of hard work by us,” says a spokesperson for the New Meadowlands Stadium Corp.
The Giants and Jets will share the new $1.2-billion, 81,000-seat stadium, which will be built to the northeast of the current Giants stadium. The stadium recently got a $300-million loan from the National Football League for construction. The NFL grants up to $150 million in funding for new stadiums, but gave $300 million since the stadium being built is for two teams.
Construction will be under way at the same time as construction for the adjacent Xanadu mixed-use complex.............."
for additional information see: http://www.globest.com/news/808_808/newjersey/151605-1.html
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